Baja Update

The water flow from the drilled wells have broken all expectations and we now need to bring in larger pumps in order to get accurate volume readings. The water quality itself has been presented for analysis and so far we have the result from the first well, which turned out to be excellent. Results from the other two should become available next week. Once the wells have been accurately measured and certified, we will present this first tract of land of 300 acres to several other parties, in addition to two that have already shown interest in acquiring the land. We feel confident, not only to recuperate our investment quickly, but also to be able to make a sizeable profit on this first deal in Baja.

We have also been finalizing the structure for our second Joint Venture with Contel, where ProGreen will have control through majority ownership, allowing assets to be brought onto ProGreen’s balance sheet.

More details will be revealed in a press release due to be released next week.